Page 14 - FSUOGM Week 13 2022

FSUOGM NEWS IN BRIEF FSUOGM

after the remarks of the prime minister storm-damaged mooring points, Kazakh in Russia, following a government call
during the inspection of the long-delayed Energy Minister Bolat Akchulakov said on for caution as sanctions mount over the
pipeline project. the project will be March 25. invasion of Ukraine, Reuters reported on
completed on time. The CPC pipeline has stopped shipping March 25 citing unnamed sources.
“June will be the last date for the crude after Russian authorities announced As followed by bne IntelliNews, Sinopec
completion of this very important project damage at two of the pipeline’s three had eyed a $500mn investment in the
for us,” the Bulgarian prime minister said mooring points due to storms. However, the Amur gas chemical complex with Russian
after touring a construction site in the Financial Times reported analysts as raising petrochemical major Sibur. Sinopec also
Greek city of Komotini. questions about the timing of the reported owns 10% in Sibur.
Bulgaria signed an agreement to receive storm damage, as none of the pipeline’s Sinopec hit pause after realising that
1 bcm of Azerbaijani gas to cover part of its western partners had been able to inspect Sibur minority shareholder and board
domestic gas consumption of 3 bcm. The the facilities. Akchulakov said a day earlier member Gennady Timchenko had been
pipeline is being built by a joint venture (on March 24) that Kazakhstan might sanctioned by the West, the sources told
with the Bulgarian energy company Energy reroute some crude towards Caspian tanker Reuters. Sinopec also reportedly suspended
BEH, Italian Edison and the Greek gas shipments and pipelines going to Russia's talks over the gas marketing venture with
company DEPA. Once completed, the Samara and to China, the minister said. Russian gas producer Novatek.
pipeline will be able to transport 3 bcm of The CPC pipeline accounts for nearly Reportedly, Reuters claims that behind
gas with the possibility of expanding to 5 80% of Kazakhstan's oil exports and the the scenes, Beijing's government is wary of
bcm. Last year, 273 mcm of Azerbaijani gas move to relaunch exports via CPC will save Chinese companies falling foul of sanctions
were exported to Bulgaria. the Central Asian nation's giant oilfields and is pressing companies to tread carefully
The Interconnector Greece-Bulgaria operated by global energy majors from with investments in Russia, which is its
(IGB) was hooked up to the Trans-Adriatic having to cut oil output, the minister told a second-largest oil supplier and third-largest
gas pipeline (TAP) on 25 March, which in briefing. gas provider.
the future will give Bulgaria access to gas The completion of repair works at the Sources told Reuters that China's
from Azerbaijan for the first time. other two mooring points is expected three state energy giants – Sinopec,
The construction of the IGB gas pipeline within three weeks, Akchulakov added. China National Petroleum Corp (CNPC)
started on May 22, 2019 in Bulgaria. The Top western companies including and China National Offshore Oil Corp
IGB will connect Komotini in northeastern Chevron had been preparing to cut (CNOOC) – have been assessing the impact
Greece and Stara Zagora in central Bulgaria. production at Kazakh oilfields, according to of the sanctions on their multi-billion dollar
The length of the gas pipeline will be reports from earlier on March 25. investments in Russia.
182.6 km, 150 of which will pass through Kazakhstan's KMG International "Companies will rigidly follow Beijing's
the territory of Bulgaria. IGB is intended (KMGI) said on March 25 that crude foreign policy in this crisis," an executive at
for the export to Bulgaria of natural gas loading operations at the CPC export a state oil company told Reuters. "There's no
produced as part of the second phase of terminal on the Black Sea resumed after room whatsoever for companies to take any
the development of the Shah Deniz gas a few days of uncertainty. KMGI's parent initiatives in terms of new investment."
condensate field in the Azerbaijani sector of company, Kazakhstan's state-owned
the Caspian Sea. The interconnector will be Kazmunaigaz, is a shareholder in the CPC
connected to the TAP. consortium.
Earlier on the same day, the tanker
Seavoyager left the terminal with a draught
Kazakhstan’s oil exports change suggesting it had loaded, Argus
Media reported, with another tanker, Nissos
via CPC pipeline to resume Tinos, standing at the terminal.

amid relaunch of operations Chinese Sinopec said to
at one mooring point

Oil exports from the CPC terminal on suspend Russian projects
Russia's Black Sea coast were expected Chinese state-controlled oil refiner Sinopec
to resume on March 25, with operations Group has suspended its petrochemical
relaunching at one of the three reportedly investment and gas marketing venture

P14 www. NEWSBASE .com Week 13 30•March•2022